Fix Social Security while we have time

Published: Wednesday, February 23, 2005 at 4:30 a.m.

Last Modified: Wednesday, February 23, 2005 at 12:00 a.m.

To The Editor: Bankrupt! One definition is "the inability to meet financial commitments." Applying the term to Social Security is more than an attention getter. It's also true.

By now most people know that Social Security won't be able to meet its financial commitments some time around 2042. Defenders of the status quo have the temerity to suggest that the resulting decrease in payments of "only" 25 percent at that time isn't reason to update the system.

President Bush's position is that those currently on Social Security shouldn't be affected by any changes. But what do you think the reaction of anyone currently on Social Security would be if you suggested cutting their payments 25 percent. I can hear the howls of outrage. Congressional short-term thinkers who don't want change won't be in office when the crunch comes, so they don't care!

The time to change is now. We have a president brave enough to tackle the issue. Personal accounts are a good idea. Let's put them in now so the "miracle of compounding" has time to work. Let's not wait until the wolf's at the door and, heaven forbid, some weak-kneed president is focused on re-election or legacy building.

<p>To The Editor: Bankrupt! One definition is "the inability to meet financial commitments." Applying the term to Social Security is more than an attention getter. It's also true.</p><!-- Nothing to do. The paragraph has already been output --><p>By now most people know that Social Security won't be able to meet its financial commitments some time around 2042. Defenders of the status quo have the temerity to suggest that the resulting decrease in payments of "only" 25 percent at that time isn't reason to update the system.</p><p>President Bush's position is that those currently on Social Security shouldn't be affected by any changes. But what do you think the reaction of anyone currently on Social Security would be if you suggested cutting their payments 25 percent. I can hear the howls of outrage. Congressional short-term thinkers who don't want change won't be in office when the crunch comes, so they don't care!</p><p>The time to change is now. We have a president brave enough to tackle the issue. Personal accounts are a good idea. Let's put them in now so the "miracle of compounding" has time to work. Let's not wait until the wolf's at the door and, heaven forbid, some weak-kneed president is focused on re-election or legacy building.</p><p>John K. Roth</p><p>Arden</p>